Systems and methods for modeling recommended insurance coverage

ABSTRACT

A method, system and computer-usable medium are disclosed for modeling recommended insurance coverage. Coverage parameters of a policy are displayed as graphical elements within a user interface (UI) of a computing device along with a plurality of claim scenario parameters for selection by a user. Once selected, the claim scenario parameters are applied to relevant claim data and a claim scenario is generated. The claim scenario is then applied to the policy coverage parameters of the policy to determine and graphically display coverage parameter disparities, which then graphically modified to offset any coverage parameter disparities. As coverage parameters are modified, corresponding adjustments to the premium of the current policy are made and displayed within the UI. Recommendations for modifying the coverage parameters are provided by help windows, an assistance wizard, or live help. An analysis of competitive policies with equivalent coverage is performed and an optimum policy choice is recommended. A resulting policy is generated, using the modified coverage parameters of the current policy and adjusted premiums, and then fulfilled, electronically or physically.

CROSS REFERENCE TO RELATED APPLICATIONS

U.S. patent application Ser. No. 12/050,355, entitled “Systems andMethods for Modeling Insurance Coverage,” inventor John C. Hopkins,filed on Mar. 18, 2008, describes exemplary methods and systems and isincorporated by reference in its entirety.

-   -   U.S. patent application Ser. No. 12/050,362, entitled “Systems        and Methods for Modeling Insurance Coverage,” inventor John C.        Hopkins, filed on Mar. 18, 2008, describes exemplary methods and        systems and is incorporated by reference in its entirety.

U.S. patent application Ser. No. 12/050,385, entitled “Systems andMethods for Modeling Insurance Coverage,” inventor John C. Hopkins,filed on Mar. 18, 2008, describes exemplary methods and systems and isincorporated by reference in its entirety.

U.S. patent application Ser. No. 12/050,389, entitled “Systems andMethods for Modeling Insurance Coverage,” inventor John C. Hopkins,filed on Mar. 18, 2008, describes exemplary methods and systems and isincorporated by reference in its entirety.

U.S. patent application Ser. No. 12/050,410, entitled “Systems andMethods for Modeling Recommended Insurance Coverage,” inventor John C.Hopkins, filed on Mar. 18, 2008, describes exemplary methods and systemsand is incorporated by reference in its entirety.

BACKGROUND

1. Field of the Disclosure

Embodiments of the disclosure relate in general to the field ofcomputers and similar technologies, and in particular to softwareutilized in this field. Still more particularly, it provides a system,method, and computer-usable medium for modeling recommended insurancecoverage.

2. Description of the Related Art

Industry studies indicate that there is a general lack of awarenessamong consumers regarding their insurance coverage, with a largepercentage of policy holders mistakenly believing that they are betterprotected than they actually are. Determining optimum levels of coverageis often challenging for a policy holder, since historical orstatistical claim information is generally not available. However, evenwhen appropriate claim information is available, its meaningfulinterpretation and application is still a major challenge for mostpolicy holders. Accordingly, the services of an insurance professionalare often required. Yet even professionals in the insurance industry arenot always able to ascertain an optimum balance between appropriatecoverage levels and acceptable premium costs. Consequently, manyconsumers are underinsured, exposing them to unforeseen financial andlegal liabilities. Conversely, some consumers incur needless insurancecosts as a result of being inadvertently overinsured.

In view of the foregoing, there is a need for the ability to model thecoverage of an insurance policy against a predetermined claim scenario,and once modeled, to adjust coverage parameters to determine the optimumlevel of coverage. It will be appreciated that the ability tographically represent the resulting coverage model would further itsusability. It will likewise be appreciated that these capabilities wouldbe further enhanced by the ability to not only model the pricing effectsthat result from modifications to coverage parameters, but to also beable to automatically generate and fulfill a resulting policy. Usabilitywould also be enhanced by the provision of automated, or live, on-lineassistance to make coverage recommendations, even extending to automatedanalysis of comparable policies and coverages offered by competitors.

BRIEF SUMMARY

The present disclosure includes, but is not limited to, a method, systemand computer-usable medium for modeling recommended insurance coverage.In various embodiments, an insurance coverage modeler is implemented tomodel the coverage of an insurance policy against a claim scenario. Invarious embodiments, the insurance coverage modeler comprises a claimscenario generator, a coverage recommendation module, and a competitivecomparison module. In these and other embodiments, coverage parametersof a current insurance policy are displayed within the user interface(UI) of a policy holder's information processing system. In oneembodiment, the holder of the current policy is the user of theinsurance coverage modeler. In another embodiment, a policy servicerepresentative is the user. In yet another embodiment, the policy holderand a policy service representative are concurrent users.

A plurality of claim scenario parameters are then displayed within theinsurance coverage modeler for selection. Once selected, the claimscenario parameters are used to select relevant claim data for thegeneration of a claim scenario. In one embodiment, the claim data ishistorical and is collected from actual events that have beendocumented. In another embodiment, the claim data is representative ofpeer claims. Once the claim scenario parameters have been applied to theselected data, a claim scenario is generated. The claim scenario is thenapplied to the policy coverage parameters of the current policy andcoverage parameter disparities are determined.

Once coverage disparities have been identified, policy coverageparameters are then modified to offset any coverage parameterdisparities. In various embodiments, policy coverage parameters aremodified through the use of a user gesture within a graphical userinterface (GUI). In one embodiment, coverage parameters are modifiedthrough user manipulation of a graphical element representing thecoverage parameter. As coverage parameters are modified, correspondingadjustments to the premium of the current policy are made and displayedwithin the UI. In various embodiments, assistance in modifying thecoverage parameters is provided by the coverage recommendation module.In various embodiments, recommendations are provided through the use ofhelp windows, implementation of an assistance wizard, or theimplementation of live help. In one embodiment, recommendations areprovided through the provision of examples of policy coverage parametersselected by a peer group of policy holders.

In another embodiment, an analysis of competitive policies withequivalent coverage is performed by the competitive comparison module.The results of the competitive comparison are then displayed within theinsurance coverage modeler. In various embodiments, these results mayinclude coverage parameter disparities and premium disparities for theoriginal policy, the policy with any modified coverage parameters, andcompetitive policies. In one embodiment, a new policy is generated usingthe modified coverage parameters of the current policy and thenfulfilled, electronically or physically.

BRIEF DESCRIPTION OF THE DRAWINGS

Selected embodiments of the disclosure may be understood, and itsnumerous objects and features obtained when the following detaileddescription is considered in conjunction with the following drawings, inwhich:

FIG. 1 is a simplified block diagram of an exemplary client informationprocessing system (IPS) in which embodiments of the disclosure may beimplemented;

FIG. 2 is a simplified block diagram of an insurance coverage;

FIGS. 3 a-g are a generalized flowchart of an insurance coverage modeleras implemented for modeling insurance coverage;

FIG. 4 is a simplified illustration of a claim scenario generated withina user interface window from representative peer claim data;

FIG. 5 is a simplified illustration of a claim scenario generated withina user interface window from historical claim data;

FIG. 6 is a simplified illustration of an insurance coverage modeler asimplemented within a user interface window;

FIGS. 7 a-d are a simplified illustration of an insurance coveragemodeler as implemented to graphically display recommended insurancecoverage within a user interface window; and

FIGS. 8 a-b are a simplified illustration of an insurance coveragemodeler as implemented to display competitive insurance coverage withina user interface window.

DETAILED DESCRIPTION

A system, method, and computer-usable medium are disclosed for modelingrecommended insurance coverage. As will be appreciated by one skilled inthe art, the disclosure may be embodied as a method, system, or computerprogram product. Accordingly, embodiments may be implemented entirely inhardware, entirely in software (including firmware, resident software,micro-code, etc.) or in an embodiment combining software and hardware.These various embodiments may all generally be referred to herein as a“module” or “system.”

For purposes of this disclosure, an information processing system mayinclude any instrumentality or aggregate of instrumentalities operableto compute, classify, process, transmit, receive, retrieve, originate,switch, store, display, manifest, detect, record, reproduce, handle, orutilize any form of information, intelligence, or data for business,scientific, control, or other purposes. For example, an informationprocessing system may be a personal computer, a personal digitalassistant (PDA), a wirelessly-enabled mobile telephone, a server, anetwork storage device, or any other suitable device and may vary insize, shape, performance, functionality, and price. The informationprocessing system may include random access memory (RAM), one or moreprocessing resources such as a central processing unit (CPU) or hardwareor software control logic, read only memory (ROM), and/or other types ofnonvolatile memory. Additional components of the information processingsystem may include one or more disk drives, one or more network portsfor communicating with external devices, as well as various input andoutput (I/O) devices, such as a keyboard, a mouse, and a video display.The information processing system may also include one or more busesoperable to transmit communications between the various hardwarecomponents.

Additionally, various embodiments may take the form of a computerprogram product on a computer-usable storage medium havingcomputer-usable program code embodied in the medium. Any suitablecomputer usable or computer readable medium may be utilized. Thecomputer-usable or computer-readable medium may be, for example, but notlimited to, an electronic, magnetic, optical, electromagnetic, infrared,or semiconductor system, apparatus, device, or propagation medium. Anon-exhaustive list of more specific examples of the computer-readablemedium would include the following: an electrical connection having oneor more wires, an optical fiber, a transmission media such as thosesupporting the Internet or an intranet, a random access memory (RAM), aread-only memory (ROM), an erasable programmable read-only memory (EPROMor Flash memory), a magnetic storage device, a portable computerdiskette, a hard disk, an optical storage device, a portable compactdisc read-only memory (CD-ROM), or a digital versatile disk (DVD). Notethat the computer-usable or computer-readable medium could even be paperor another suitable medium upon which the program is printed, as theprogram can be electronically captured, via, for instance, opticalscanning of the paper or other medium, then compiled, interpreted, orotherwise processed in a suitable manner, and then stored in a computermemory. In the context of this document, a computer-usable orcomputer-readable medium may be any medium that can contain, store,communicate, propagate, or transport the program for use by or inconnection with the instruction execution system, apparatus, or device.The computer-usable medium may include a propagated data signal with thecomputer-usable program code embodied therein, either in baseband or aspart of a carrier wave. The computer usable program code may betransmitted using any appropriate medium, including but not limited tothe Internet, wireline, optical fiber cable, wireless, radio frequency(RF), etc.

Computer program code for carrying out operations in various embodimentsmay be written in an object oriented programming language such as Java,Smalltalk, C++ or the like. However, the computer program code forcarrying out operations in various embodiments may also be written inconventional procedural programming languages, such as the “C”programming language or similar programming languages. The program codemay execute entirely on the user's computer, partly on the user'scomputer, as a stand-alone software package, partly on the user'scomputer and partly on a remote computer or entirely on the remotecomputer or server. In the latter scenario, the remote computer may beconnected to the user's computer through a local area network (LAN), awide area network (WAN), a wireless local area network (WLAN), awireless wide area network (WWAN), a or personal area network (PAN). Inaddition, the connection may be made to an external computer (forexample, through the Internet using an Internet Service Provider) usingany combination of telecommunication technologies and protocols operableto establish a network connection for the exchange of information.

Embodiments of the disclosure are described below with reference toflowchart illustrations and/or block diagrams of methods, apparatus(systems) and computer program products. It will be understood that eachblock of the flowchart illustrations and/or block diagrams, andcombinations of blocks in the flowchart illustrations and/or blockdiagrams, can be implemented by computer program instructions. Thesecomputer program instructions may be provided to a processor of ageneral purpose computer, special purpose computer, or otherprogrammable data processing apparatus to produce a machine, such thatthe instructions, which execute via the processor of the computer orother programmable data processing apparatus, create means forimplementing the functions/acts specified in the flowchart and/or blockdiagram block or blocks.

These computer program instructions may also be stored in acomputer-readable memory that can direct a computer, informationprocessing system, or other programmable data processing apparatus, tofunction in a particular manner such that the instructions stored in thecomputer-readable memory produce an article of manufacture includinginstruction means which implement the function/act specified in theflowchart and/or block diagram block or blocks. The computer programinstructions may also be loaded onto a computer or other programmabledata processing apparatus to cause a series of operational steps to beperformed on the computer or other programmable apparatus to produce acomputer implemented process such that the instructions which execute onthe computer or other programmable apparatus provide steps forimplementing the functions/acts specified in the flowchart and/or blockdiagram block or blocks.

FIG. 1 is a generalized block diagram of an exemplary client informationprocessing system (IPS) 100 in which various embodiments may beutilized. Client IPS 100 includes a processor unit 102 that is coupledto one or more buses 134. A display controller 112, which controls adisplay 114, is also coupled to one or more buses 134, along withperipheral controller 108, which controls one or more peripheral devices110. An input/output (I/O) controller 116 provides communication withvarious I/O devices, including a keyboard 118, a mouse 120, a floppydisk drive 122, a Compact Disk-Read Only Memory (CD-ROM) drive 124, aflash drive memory 126, and one or more I/O ports 128. The format of theports connected to the I/O controller 116 may be any known to thoseskilled in the art of computer architecture, including but not limitedto Universal Serial Bus (USB) ports.

Client IPS 100 is able to communicate with a service provider server 164via a network 162 using a communications controller 130, which iscoupled to one or more buses 134. Network 162 may be the public switchedtelephone network (PSTN), an external network such as the publicInternet, an internal network such as an Ethernet-based local areanetwork (LAN), a Virtual Private Network (VPN) such as a corporateintranet, or any combination of telecommunication technologies andprotocols operable to establish a network connection for the exchange ofinformation. Using network 162, client IPS 100 is able to access serviceprovider server 164.

A storage controller 104 is also coupled to one or more buses 134.Storage controller 104 interfaces with storage disk or drive 106, whichmay comprise a magnetic storage device such as a hard disk or tapedrive. In various embodiments, storage disk or drive 106 populates asystem memory 136, which is also coupled to one or more buses 134. Datathat populates system memory 136 includes the client IPS 100 operatingsystem (OS) 138 and software programs 144.

OS 138 includes a shell 140 for providing transparent user access toresources such as software programs 144. Generally, shell 140 is aprogram that provides an interpreter and an interface between the userand the operating system. More specifically, shell 140 executes commandsthat are entered into a command line user interface or from a file.Thus, shell 140 (as it is called in UNIX®), also called a commandprocessor in Windows®, is generally the highest level of the operatingsystem software hierarchy and serves as a command interpreter. The shellprovides a system prompt, interprets commands entered by keyboard,mouse, or other user input media, and sends the interpreted command(s)to the appropriate lower levels of the operating system (e.g., a kernel142) for processing. While shell 140 generally is a text-based,line-oriented user interface, various embodiments may also support otheruser interface modes, such as graphical, voice, gestural, etc. Asdepicted, OS 138 also includes kernel 142, which includes lower levelsof functionality for OS 138, including services used by other parts ofOS 138 and software programs 144, including memory management, processand task management, disk management, and mouse and keyboard management.

Software programs 144 may include a communications stack 146, browser156, email client 158, and other programs 160. The communications stack146 is operable to implement any communication protocol enabling variousembodiments of the disclosure. Browser 156 includes program modules andinstructions enabling a World Wide Web (WWW) client (i.e., IPS 100) tosend and receive network messages to the Internet using HyperTextTransfer Protocol (HTTP) messaging, thus enabling communication withservice provider server 164. Software programs 144 also include aninsurance coverage modeler 148. The insurance coverage modeler 148includes code for implementing the processes described in FIGS. 2-8described hereinbelow. The insurance coverage modeler 148 furthercomprises claim scenario generator 150, coverage recommendation module152, and competitive comparison module 154. In one embodiment, clientIPS 100 is able to download insurance coverage modeler 148, claimscenario generator 150, coverage recommendation module 152, andcompetitive comparison module 154 from a service provider server 164.

The hardware elements depicted in client IPS 100 are not intended to beexhaustive, but rather are representative to highlight components usedby the disclosure. For instance, client IPS 100 may include alternatememory storage devices such as magnetic cassettes, Digital VersatileDisks (DVDs), Bernoulli cartridges, and the like. These and othervariations are intended to be within the spirit and scope of thedisclosure.

FIG. 2 is a simplified block diagram of an insurance coverage modeler asimplemented in accordance with an embodiment of the disclosure. Invarious embodiments, an insurance coverage modeler 148 is implemented onpolicy management system 208 to model the coverage of an insurancepolicy against a claim scenario. The insurance coverage modeler 148comprises claim scenario generator 150, coverage recommendation module152, and competitive comparison module 154. The policy management system208 further comprises policy, coverage parameter, claim and pricing data214, and policy fulfillment system 216.

Policy coverage modeling operations are begun by displaying coverageparameters of an insurance policy (“the current policy”) within theinsurance coverage modeler user interface (UI) 206 of a computing device204 of policy holder 202. As used in various embodiments, the currentpolicy is defined as a policy currently issued to a policy holder or apolicy that is not currently issued, but being considered for issuanceby a policy provider. In various embodiments, a policy holder computingdevice 204 may comprise a personal computer, a laptop computer, or atablet computer. The policy holder computing device 204 may alsocomprise a personal digital assistant (PDA), a mobile telephone, or anyother suitable device operable to display the insurance coverage userinterface (UI) 206 and establish a connection with network 162.

In these and other embodiments, coverage parameters for the currentpolicy are retrieved from policy, coverage parameter, claim and pricingdata 214, and displayed within the insurance coverage user interface(UI) 206. As used herein, coverage parameters are coverage variablesthat define an insurer's obligation to pay for damages that are causedby a predetermined peril or group of perils. In one embodiment, theholder 202 of the current policy is the user of the insurance coveragemodeler 148. In another embodiment, a policy service representative 220is the user of the insurance coverage modeler 148, and the coverageparameters are displayed within the insurance coverage modeler UI 224 oftheir computer 222. In yet another embodiment, the holder 202 of thecurrent policy and a policy service representative 220 are concurrentusers of the insurance coverage modeler 148.

A plurality of claim scenario parameters are then displayed within theinsurance coverage modeler UI 206, 224 for selection by the user. Asused herein, claim scenario parameters are variables that define one ormore claims against an insurance policy. Once selected, the claimscenario parameters are then used to select relevant claim data frompolicy, coverage parameter, claim and pricing data 214 for thegeneration of a claim scenario. In one embodiment, the claim data ishistorical and is collected from actual events that have beendocumented. In another embodiment, the claim data is representative ofpeer claims. Once the claim parameters have been applied to the selecteddata, a claim scenario is generated by the claim scenario generator 150of the insurance coverage modeler 148 as described in greater detailherein. The generated claim scenario is then displayed within theinsurance coverage modeler UI 206, 224.

The generated claim scenario is then applied to the policy coverageparameters of the current policy and coverage parameter disparities aredetermined. As used herein, a coverage parameter disparity is thedifference between an element of a claim scenario and a correspondingcoverage parameter of a policy. Once coverage parameter disparities havebeen determined, they are then displayed within the insurance coveragemodeler UI 206, 224.

Afterwards, the policy coverage parameters can be modified within theinsurance coverage modeler UI 206, 224, and a new claim scenariogenerated. In various embodiments, policy coverage parameters aremodified through the use of a user gesture within the insurance coveragemodeler UI 206, 224. In one embodiment, coverage parameters are modifiedthrough user manipulation of a control of a graphical elementrepresenting the coverage parameter within the insurance coveragemodeler UI 206, 224.

If assistance is required to modify the coverage parameters, it can beprovided by the coverage recommendation module 152. In one embodiment,recommendations are provided through the use of help windows within theinsurance coverage modeler UI 206, 224. In another embodiment,recommendations are provided through the implementation of an assistancewizard, such as those familiar to skilled practitioners of the art,within the insurance coverage modeler UI 206, 224. In yet anotherembodiment, recommendations are provided through the implementation oflive help within the insurance coverage modeler UI 206, 224 as describedin greater detail herein. Live help, as used herein, refers to theprovision of assistance to policy holder 202 over an electroniccommunications channel by a human user, such as a policy servicerepresentative 220. In one embodiment, the electronic communicationschannel comprises an instant messaging (IM) session between the user andthe policy service representative. In another embodiment, the electroniccommunications channel comprises an on-line videoconference sessionbetween the user and the policy service representative 220. In yetanother embodiment, the electronic communications channel comprises anexchange of electronic mail (email) between the user and the policyservice representative. In still another embodiment, the electroniccommunications channel comprises an out-of-band telephone conversationbetween the user and the policy service representative. Many suchembodiments are possible and the foregoing are provided for illustrativepurposes only and are not intended to be limiting to the scope of thedisclosure. In yet another embodiment, recommendations are providedthrough the provision within the insurance coverage modeler UI 206, 224of examples of policy coverage parameters selected by a peer group ofpolicy holders.

In one embodiment, an analysis of competitive policies with equivalentcoverage is performed by the competitive comparison module 154. Theresults of the competitive comparison, as described in greater detailherein, are then displayed within the insurance coverage modeler UI 206,224. In various embodiments, these results may include coverageparameter disparities and premium disparities for the original policy,the policy with any modified coverage parameters, and competitivepolicies. As used herein, a premium disparity is the difference in thepremium for a plurality of policies.

In one embodiment, a new policy is generated using the modified coverageparameters of the current policy and then fulfilled, electronically orphysically, by the policy fulfillment system 216 of the policymanagement system 208. In an embodiment, the generated policy 218 isgenerated in an electronic file format (e.g., portable document format(.pdf), Microsoft Word, etc.) and electronically delivered 224 to thepolicy holder's computing device 204 over a connection to the network162. Upon delivery, the generated policy 218 becomes a fulfilled policy226. In another embodiment, the generated policy 218 is generated in aprinted format and physically delivered 222 to the policy holder 202. Asbefore, the generated policy 218 becomes a fulfilled policy 226 upondelivery.

FIGS. 3 a-g are a generalized flowchart of an insurance coverage modeleras implemented in accordance with an embodiment of the disclosure formodeling competitive insurance coverage. In various embodiments, aninsurance coverage modeler is implemented to model the coverage of aninsurance policy against a claim scenario. In this embodiment, policycoverage modeling operations are begun in step 301, followed by theselection of an insurance policy (“the current policy”), which is thendisplayed with its coverage parameters and premium within a userinterface (UI) in step 302. As used herein, coverage parameters arecoverage variables that define an insurer's obligation to pay fordamages that are caused by a predetermined peril or group of perils. Theobligation typically has corresponding financial limits and deductiblesthat circumscribe the insurer's responsibility for losses against thatcoverage. In various embodiments, coverage parameters may include thetotal coverage available for purchase to cover a predetermined peril(e.g., bodily harm, property damage, etc.). Coverage parameters may alsoinclude current coverage of an insurance policy, minimum and maximumlimits of the coverage, deductibles, elective coverage options, andcontractual terms associated with insurance coverages. As used invarious embodiments, the current policy is defined as a policy currentlyissued to a policy holder or a policy that is not currently issued, butbeing considered for issuance by a policy provider. In one embodiment,the policy holder of the current policy is the user of the insurancecoverage modeler. In another embodiment, a policy service representativeis the user of the insurance coverage modeler. In yet anotherembodiment, the policy holder of the current policy and a policy servicerepresentative are concurrent users of the insurance coverage modeler.

In step 303 a plurality of claim scenario parameters are displayedwithin the UI for selection by the user. As used herein, claim scenarioparameters are variables that define one or more claims against aninsurance policy. In one embodiment, claim scenario parameters include apolicy type (e.g., automobile, household, commercial, etc.), an accidenttype (multi-vehicle, weather, etc.), and a severity level (e.g., minor,moderate, severe, etc.). In other embodiments, a severity level claimscenario parameter is combined with other claim scenario parameters tofurther define the claim scenario. Examples of other claim scenarioparameters for an automobile accident may include moderate damage to theinsured vehicle and other vehicles, minor injuries to the insured,severe injuries to others, and moderate collateral damage. It will beappreciated that many such coverage parameters may be used to define aclaim scenario and the foregoing examples are not intended to belimiting and are provided for illustrative purposes only.

Once selected, the claim scenario parameters are then used in step 304to select relevant claim data for the generation of a claim scenario. Inone embodiment, the claim data is historical and is collected fromactual events that have been documented. In another embodiment, theclaim data is representative of peer claims. For example, representativepeer claim data may be an average of historical claim data that matchesthe claim scenario defined by the selected claim scenario parameters. Asanother example, representative peer claim data may be based onactuarial models that predict anticipated costs to settle individualelements of a claim. For instance, the representative peer claim datamay incorporate forecasted injury settlements for drivers combined withaverage repair costs for certain classes of automobiles.

Accordingly, a decision is made in step 305 whether to use historical orrepresentative peer claim data for the generation of the claim scenario.If it is determined in step 305 to use historical claim data, thenrelevant historical claim data is identified in step 306. As an exampleof claim data relevancy, if the user's policy is for automobilecoverage, then household or commercial property claim data is notconsidered relevant. Similarly, if the claim scenario parameters arelimited to moderate vehicular damage, then minor or severe vehicularclaim data is not considered relevant. Conversely, claim data formoderate injuries to the insured, but minor or severe injuries to othersmay be considered relevant.

In one embodiment, historical claim data is considered relevant only ifthe claim data is associated with a single claim and matches all of theselected claim scenario parameters. In another embodiment, individualelements of historical claim data are considered relevant even if theyare associated with different claims. It will be apparent to those ofskill in the art that a composite set of claim data elements derivedfrom a plurality of claims provides additional flexibility in thegeneration of claim scenarios matching selected claim scenarioparameters. However, if it is decided in step 305 that representativepeer claim data is to be used for the generation of a claim scenario,then relevant representative peer claim data is identified in step 307.In one embodiment, representative peer claim data may be an average ofhistorical claim data elements derived from a plurality of historicalclaims. In another embodiment, historical claim data elements may beused in conjunction with actuarial approaches familiar to those of skillin the art to predict the cost to settle individual elements of a claimscenario. These predicted costs can then be used as representative peerclaim data in the generation of a claim scenario.

Once the relevant claim data for the claim scenario has been identified,a decision is made in step 308 whether the claim data to be used in theclaim scenario is to be selected automatically. If it is not, then therelevant claim data is provided in step 310 for manual selection withinthe UI. Once provided, the user manually selects the claim data in step311 that they wish to be used in the generation of the claim scenario.As an example, the user may desire to select relevant claim data that isassociated with a geographic region, such as the Northeast. As anotherexample, the user may elect to choose claim data involving minor damageto multiple vehicles as opposed to extensive damage to a single,expensive vehicle. It will be appreciated that many such choices arepossible and the foregoing are provided for illustrative purposes onlyand are in now ay intended to be limiting. However, if it is decided instep 308 that the claim data is to be automatically selected, thenselections are automatically made in step 309 by the insurance coveragemodeler from the identified relevant claim data. As an example, in oneembodiment, an algorithm is applied to relevant historical data tostatistically determine the optimum selection of claim data.

Once the relevant claim data has been selected, whether automatically bythe insurance coverage modeler or manually by the user, a decision ismade in step 312 to determine whether sufficient claim data has beenselected to generate a claim scenario. If so, then a decision is made instep 337 whether to continue insurance policy modeling operations. Ifnot, then insurance policy coverage modeling operations are ended instep 361. Otherwise, a decision is made in step 338 whether to changethe method of claim data selection. If it is decided in step 338 thatthe method of claim data selection is to be changed, then the processcontinues, proceeding to step 308. Otherwise, a decision is made in step339 whether to change the type of claim data for generation of the claimscenario. If so, then the process continues, proceeding to step 305.However, if it is decided in step 339 to not change the type of claimdata, then the claim scenario parameters are modified in step 340 andthe process is continued, proceeding to step 303.

If it is decided in step 312 that sufficient claim data is available togenerate a claim scenario, then the claim scenario parameters areapplied to the selected claim data in step 313. Once the claimparameters have been applied to the selected data, a claim scenario isgenerated in step 314 by the claim scenario generator module of theinsurance coverage modeler described in greater detail herein. Thegenerated claim scenario is then displayed within the UI in step 315.

In one embodiment, a summary of the claim scenario is displayed withinthe UI. In yet another embodiment, both the summary and claim details ofthe generated claim scenario are displayed within the UI.

The generated claim scenario is then applied to the policy coverageparameters of the current policy in step 316 and coverage parameterdisparities are decided in step 317.

Once coverage parameter disparities have been determined, they are thendisplayed within the UI in step 318. A decision is then made in step 319whether to modify policy coverage parameters for the current policy. Forexample, the chosen coverage parameters may have been set too low, withthe result that negative coverage parameter disparities were determinedand displayed within the UI. If it is decided in step 319 that thepolicy coverage parameters are to be modified, then a decision is madein step 320 whether recommendations are required to make themodification. If it is decided in step 320 that no recommendations arerequired, then modifications to the policy coverage parameters are madewithin the UI without recommendations in step 321. Once themodifications to the policy coverage parameters have been completed, adecision is made in step 334 whether modifications to policy coverageparameters have been completed. If not, then the process continues,proceeding to step 320. However, if it is decided in step 320 thatrecommendations are required to modify the policy coverage parameters,then a decision is made in step 322 whether the recommendations will beprovided through the implementation of help windows within the UI. Ifso, then modifications to the policy coverage parameters are made withinthe UI with the assistance of help windows in step 321. Once themodifications to the policy coverage parameters have been completed, adecision is made in step 334 whether all policy coverage parametermodifications have been completed. If not, then the process continues,proceeding to step 320.

However, if it is decided in step 322 that recommendations for modifyingthe policy coverage parameters will not be provided by help windows,then a decision is made in step 324 whether the recommendations will beprovided through the implementation of an assistance wizard within theUI. If so, then modifications to the policy coverage parameters are madewithin the UI using an assistance wizard in step 321. As used herein, anassistance wizard is a series of prompts and responses presented to theuser in response to their selection and interaction with elements withinthe UI. Accordingly, the user is guided through the process of modifyingthe coverage parameters with each successive prompt being based upontheir prior responses. Skilled practitioners of the art will be familiarwith the implementation and use of such wizards and appreciate that theymay be implemented in many forms and levels of sophistication. Once themodifications to the policy coverage parameters have been completed, adecision is made in step 334 whether all policy coverage parametermodifications have been completed. If not, then the process continues,proceeding to step 320.

However, if it is decided in step 324 that recommendations for modifyingthe policy coverage parameters will not be provided by an assistancewizard, then a decision is made in step 326 whether the recommendationswill be provided through the implementation of live help within the UI.Live help, as used herein, refers to the provision of assistance over anelectronic communications channel by a human user. If it is decided instep 326 that recommendations are to be provided through live help, thenan electronic communications channel is established with a policyservice representative in step 327. Once the electronic communicationschannel is established in step 327, policy coverage parameters aremodified with the assistance of the policy service representative. Oncethe modifications to the policy coverage parameters have been completed,a decision is made in step 334 whether all policy coverage parametermodifications have been completed. If not, then the process continues,proceeding to step 320.

However, if it is decided in step 326 that recommendations for modifyingthe policy coverage parameters will not be provided through live help,then a decision is made in step 329 whether the recommendations will beprovided through the provision of examples of policy coverage parametersselected by a peer group of policy holders. If so, then a peer group ofpolicy holders is decided in step 330, based on characteristics anddemographics matching those of the user. Once determined, examples ofpolicy coverage parameters selected by the peer group are retrieved instep 331. Once retrieved, the examples of policy coverage parameters aredisplayed within the UI in step 332.

Once displayed, the coverage parameter selection examples are used instep 333 for guidance when making modifications, as described in greaterdetail herein, to the policy coverage parameters displayed within theUI. Once the modifications to the policy coverage parameters have beencompleted, a decision is made in step 334 whether all policy coverageparameter modifications have been completed. If not, then the processcontinues, proceeding to step 320.

Once it is decided in step 334 that policy coverage modifications arecomplete, then a decision is made in step 335 whether the modificationsto the policy coverage parameters are within predetermined limits. Ifnot, then the process continues, proceeding to step 320. Otherwise, adecision is made in step 336 whether modifications have been made to theoriginal coverage parameters of the current policy. If it is determinedthat no modifications have been made to the original coverage parametersof the current policy, then the process continues, proceeding to step337. Otherwise, a new premium is calculated in step 341 using themodified policy coverage parameters and predetermined pricing data. Oncecalculated, the original premium is displayed within the UI in step 342along with the new premium calculated in step 341.

A decision is then made in step 343 whether to compare the policy withthe modified coverage parameters with a competitive policy. If it isdecided in step 343 to make comparisons between policies with equivalentcoverage, then an analysis of the modified policy coverage parametersare performed in step 344 to determine competitive policy matchingcriteria. A search is then performed in step 345 for competitivepolicies that meet the policy matching criteria decided in step 344.

A search is then performed in step 345 to identify competitive policiesthat meet the coverage parameters matching criteria decided in step 344.Once identified, the competitive policies are retrieved in step 346 anddisplayed within the UI in step 347.

A decision is then made in step 348 whether a recommendation is providedfor the optimum policy choice. If not, then the process is continued,proceeding to step 337, where a decision is made whether to continuepolicy coverage modeling operations. Otherwise, coverage parameterdisparities and premium disparities for the original policy, the policywith modified coverage parameters, and competitive policies aredetermined and then displayed within the UI in step 349.

An analysis of the coverage parameters and premium disparities of theoriginal policy, the policy with modified coverage parameters, and thecompetitive policies is then performed in step 350 to determine anoptimum policy choice. Once the analysis is completed in step 350, theoptimum policy choice is indicated within the UI in step 351. A decisionis then made in step 352 whether the current policy with modifiedcoverage parameters is indicated to be the optimum policy choice. Ifnot, then the process continues, proceeding to step 337, where adecision is made whether to continue policy coverage modelingoperations. Otherwise, or if it was decided in step 343 to not performcompetitive policy operations, a decision is made in step 353 whether tofulfill the current policy with its modified coverage parameters andmodified premium. If not, then the process continues, proceeding to step337, where a decision is made whether to continue policy coveragemodeling operations. Otherwise, a new policy is generated in step 354that comprises predetermined policy data combined with the modifiedcoverage parameters and modified premium of the current policy. Oncegenerated, the new policy, along with its corresponding policy data,coverage parameters and premium, is displayed within the UI in step 355.

A decision is then made in step 356 whether to modify the new policyprior to its fulfillment. If so, then the process continues, proceedingto step 334. Otherwise, a decision is made in step 357 whether the newpolicy will be fulfilled electronically or physically. If it is decidedin step 357 to fulfill the new policy electronically, then it isfulfilled electronically in step 358. However, if it is decided in step357 to fulfill the new policy physically, then it is fulfilledphysically in step 358. In one embodiment, the new policy is generatedin a printed format and physically delivered, such as through a postalor delivery service, to the user. Regardless of whether the new policywas fulfilled and delivered electronically or physically, a decision ismade in step 360 whether to model coverage for another policy. If so,then the process continues, proceeding to step 302, where the user'scurrent policy is displayed within the UI. Otherwise, insurance policycoverage modeling operations are ended in step 361.

FIG. 4 is a simplified illustration of a claim scenario generated withina user interface window from representative peer claim data inaccordance with an embodiment of the disclosure. In this embodiment, aclaim scenario generator 150 is implemented within user interface (UI)window 404 and comprises claim scenario parameters 406 and 416. As usedherein, claim scenario parameters are variables that define one or moreclaims against an insurance policy. In one embodiment, claim scenarioparameters 406 include graphical elements such as drop-down menus 408.As an example, selected the Policy Type claim scenario parameter is“automobile” 410. Similarly, the selected Accident Type and AccidentSeverity claim scenario parameters are respectively “multi-vehicle” 412and “moderate” 414. In a similar fashion, claim scenario parameters 416include graphical elements such as check boxes 418, which are selectedthrough a user gesture, such as a mouse click with cursor 422. As anexample, the selected Damage To Insured Vehicle claim scenario parameteris “moderate,” while the selected Injuries To Others claim scenarioparameter is “severe.”

Once selected, the claim scenario parameters are then used to selectrelevant claim data for the generation of a claim scenario. In variousembodiments, the claim data may be either representative of peer claimsor historical. In this embodiment, the claim data is representative ofpeer claims. For example, representative peer claim data may be anaverage of historical claim data that matches the claim scenario definedby the selected claim scenario parameters. As another example,representative peer claim data may be based on actuarial models thatpredict anticipated costs to settle individual elements of a claim.

In one embodiment, the type of claim data is selected through a usergesture, such as placing cursor 422 over the Generate Scenario commandbutton 420, followed by a right-mouse-click to open claim data type menu424. In this embodiment, “representative” peer claim data is selectedwithin the claim data type menu 424 through a user gesture such as aleft-mouse-click with cursor 422. The Generate Scenario command button420 is then selected, likewise with a user gesture such as aleft-mouse-click with cursor 422, to generate representative scenarios‘#1’ 426, ‘#2’ 432, and ‘#3’ 440. In this same embodiment,representative scenario ‘#1’ 426 comprises a summary section 428 and adetail section 430. Representative scenarios ‘#1’ 426 and ‘#2’ 432similarly comprise summary sections 434, 436 and detail sections 436,444 respectively. Once representative scenarios ‘#1’ 426, ‘#2’ 432, and‘#3’ 440 are displayed, the user selects the representative scenario(e.g., ‘#2’ 432) they wish to have applied to the coverage parameters ofthe current policy. In one embodiment, the representative scenario isselected through a user gesture, such as by placing cursor 422 overcheckbox 438, followed by a left-mouse-click. Once the representativescenario has been selected, the Model Coverage command button 446 isactivated with a user gesture, such as by using cursor 422 followed by aleft-mouse click. Once activated, the selected representative scenariois applied to the coverage parameters of the current policy as describedin greater detail herein.

FIG. 5 is a simplified illustration of a claim scenario generated withina user interface window from historical claim data in accordance with anembodiment of the disclosure. In this embodiment, a claim scenariogenerator 150 is implemented within user interface (UI) window 404 andcomprises claim scenario parameters 406 and 416 as described in greaterdetail herein. In one embodiment, claim scenario parameters 406 includegraphical elements such as drop-down menus 408. As an example, theselected Policy Type claim scenario parameter is “automobile” 410.Similarly, the selected claim scenario parameters for Accident Type andAccident Severity are respectively “multi-vehicle” 412 and “moderate”414. In a similar fashion, claim scenario parameters 416 includegraphical elements such as check boxes 418, which are selected through auser gesture, such as a mouse click with cursor 422. As an example, theclaim scenario parameter for Damage To Insured Vehicle has been selectedto be “moderate,” while the claim scenario parameter for Injuries ToOthers has been selected to be “severe.”

Once selected, the claim scenario parameters are then used to selectrelevant claim data for the generation of a claim scenario. In thisembodiment, the claim data is historical and is collected from actualevents that have been documented. In one embodiment, the type of claimdata is selected through a user gesture, such as placing cursor 422 overthe Generate Scenario command button 420, followed by aright-mouse-click to open claim data type menu 424. In this embodiment,“historical” claim data is selected within the claim data type menu 424through a user gesture such as a left-mouse-click with cursor 422. TheGenerate Scenario command button 420 is then selected, likewise with auser gesture such as a left-mouse-click with cursor 422 to generatehistorical scenarios ‘#1’ 526, ‘#2’ 532, and ‘#3’ 540. In this sameembodiment, representative peer claim scenario ‘#1’ 526 comprises asummary section 528 and a detail section 530. Representative peer claimscenarios ‘#1’ 526 and ‘#2’ 532 similarly comprise summary sections 534,536 and detail sections 536, 544 respectively. Once representative peerclaim scenarios ‘#1’ 526, ‘#2’ 532, and ‘#3’ 540 are displayed, the userselects the representative peer claim scenario (e.g., ‘#2’ 532) theywish to have applied to the coverage parameters of the current policy.In one embodiment, the representative peer claim scenario is selectedthrough a user gesture, such as by placing cursor 422 over checkbox 538,followed by a left-mouse-click. Once the representative peer claimscenario has been selected, the Model Coverage command button 446 isactivated with a user gesture, such as by using cursor 422 followed by aleft-mouse click. Once activated, the selected representative peer claimscenario is applied to the coverage parameters of the current policy asdescribed in greater detail herein.

FIG. 6 is a simplified illustration of an insurance coverage modeler asimplemented within a user interface window in accordance with anembodiment of the disclosure. In this embodiment, insurance coveragemodeler 148 is implemented within user interface (UI) window 404 andcomprises a Claim Scenario Summary window 606, a Policy Coverage Summarywindow 678, and a Policy Coverage Recommendation window 680. Theinsurance coverage modeler 150 likewise comprises a plurality ofcoverage parameter descriptions 608, corresponding to their respectivecoverage parameters 610 for the current policy.

As illustrated in FIG. 6, the Bodily Injury coverage parameters 612 areindicated to be $50,000 per person and $100,000 per accident. Similarly,the Property Damage coverage parameters 614 are indicated to be a totalof $50,000 per accident. In a like fashion, the UninsuredMotorist—Injury coverage parameters 616 are indicated to be $50,000 perperson and $100,000 per accident, while the Uninsured Motorist—Damagecoverage parameters 618 are indicated to be $20,000 per person and$40,000 per accident. The Personal Injury Protection coverage parameters620 are similarly indicated to be a total of $2,500 per accident.However, the Comprehensive and Collision coverage parameters 622 and 624are indicated to be limited, not to their respective amounts ofcoverage, but to policy holder deductible costs of $500 each. The RentalReimbursement coverage parameters for 626 are also similarly indicatedto be limited to $20 per day and a maximum coverage of $600, while theTowing And Labor coverage parameters 628 are indicated to be limited to$500.

Claim Scenario #2, generated from historical claim data as illustratedin greater detail in FIG. 5, is summarized in the Claim Scenario Summarywindow 606. In one embodiment, Claim Scenario #2 is applied to coverageparameters 610 in response to a user gesture, such as placing cursor 648over the Apply Scenario command button 630, followed by aleft-mouse-click. As a result, line items 670 for coverage parameterdisparities 664 and current premiums 666, corresponding to coverageparameters 612 and 614 respectively, are displayed along with totalcoverage parameter disparities 672 and total current premium 674.Subsequently, the contents of Policy Coverage Summary window 678 aredisplayed, which provide a summary explanation of coverage parameterdisparities for coverage parameters 612 and 614.

As used herein, a coverage parameter disparity is the difference betweenan element of a claim scenario and a corresponding coverage parameter ofa policy. As an example, the current policy illustrated in FIG. 6 has acoverage parameter 612 of $50,000 per person for bodily injury incurredin an automobile accident. However, the policy also has a coverageparameter 612 of $100,000 total for bodily injuries sustained within asingle accident. If a person involved in an automobile accident incurs$115,000 in bodily injuries, then there is a $65,000 coverage parameterdisparity. This is due to the fact that while the insured is covered forbodily injuries totaling $100,000 in the accident, there is only $50,000of coverage for each injured individual, hence the $65,000 deficit,which equates to the afore-referenced coverage parameter disparity. Asanother example, the current policy has a property damage coverageparameter 614 of $50,000 per accident. Total property damages forScenario #2 are $67,800, which represents a coverage parameter disparityof $17,800.

In various embodiments, coverage parameter disparities are addressed bymodifying coverage parameters 610 and reapplying a claim scenario, suchas Claim Scenario #2 described in greater detail herein. In variousembodiments, policy coverage parameters are modified through the use ofa user gesture within a graphical user interface (GUI). In oneembodiment, a mouse cursor 648 is used to select a coverage parameter610 from a drop-down menu. As an example, the drop-down menu for theProperty Damage coverage parameter 614 may have selections that include“$50,000”, “100,000”, “$250,000”, “500,000”, and “$1,000,000”, which areselected according to the amount of coverage the user desires. Inanother embodiment, a mouse cursor is used to select a check box widgetwithin the GUI corresponding to a coverage parameter selection. As anexample, a Property Damage coverage parameter may have coverageselections that include “$50,000”, “100,000”, “$250,000”, “500,000”, and“$1,000,000”, each of which has a corresponding check box widget.

In yet another embodiment, coverage parameters are displayed asgraphical elements of a coverage summary 632 within the UI window 404.Subsequent to being displayed, the coverage parameters are then modifiedthrough user manipulation of a control of a graphical elementrepresenting the coverage parameter. As additionally illustrated in FIG.6, the UI window 404 comprises a visual attribute legend 660, which isimplemented in various embodiments to differentiate the graphicalrepresentation of different coverage parameters from each other. Asillustrated in FIG. 6, coverage summary 632 comprises indicator bar 636,which graphically indicates via pricing scale 634 the total amount ofcoverage available for the Bodily Injury coverage parameter 612.Similarly, indicator bar 638 graphically represents the original $50,000per-person, and indicator bar 642 the original $100,000 totalper-accident, coverage parameter 612 for bodily injury. Graphicalelement 640 serves to graphically demarcate the difference between theper-person coverage parameter of $50,000 from the $100,000 totalper-accident coverage parameter. Indicator bar 644 graphicallyrepresents a coverage parameter disparity resulting from applying claimscenario #2 against the bodily injury coverage parameter 612.

Indicator bar 648, having a slider 646, represents a modified value ofthe Bodily Injury coverage parameter 612. The user selects the slider646 of the modified coverage indicator bar 648, such as by using a mouseclick-and-hold operation, and then drags the slider 646 to modify thevalue of the original Bodily Injury coverage parameter 612. As the userdrags the slider 646, the length of the modified coverage indicator bar648 changes and a corresponding change is reflected in the value of theBodily Injury coverage parameter 612.

As similarly illustrated in FIG. 6, indicator bar 650 graphicallyindicates via pricing scale 634 the total amount of coverage availablefor Property Damage coverage parameter 612. In a similar fashion,indicator bar 652 graphically represents the original $50,000 totalper-accident, coverage parameter 614 for property damage. Indicator bar654 graphically represents a coverage parameter disparity resulting fromapplying claim scenario #2 against the Bodily Injury coverage parameter614.

Indicator bar 656, having a slider 658, represents a modified value ofthe Property Damage coverage parameter 614. The user selects the slider658 of the modified coverage indicator bar 656, using a mouseclick-and-drag operation, and then drags the slider 658 to modify thevalue of the original Property Damage coverage parameter 614. As theuser drags the slider 656, the length of the modified coverage indicatorbar 656 changes and a corresponding change is reflected in the value ofthe Property Damage coverage parameter 614.

It will be appreciated that a user may require assistance in makingoptimum modifications to the policy coverage parameters 610. In variousembodiments, a choice of assistance methods are enabled by selecting theRecommend Changes command button 682 with cursor 648, followed by a usergesture such as a left-mouse click. In one embodiment, recommendationsare provided through the display of help windows, such as the PolicyCoverage Recommendation window 680 within the UI window 404. In anotherembodiment, recommendations are provided through the implementation ofan assistance wizard within the UI window 404. As used herein, anassistance wizard is a series of prompts and responses presented to theuser in response to their selection and interaction with elements withinthe UI. Accordingly, the user is guided through the process of modifyingthe coverage parameters with each successive prompt being based upontheir prior responses. Skilled practitioners of the art will be familiarwith the implementation and use of such wizards and appreciate that theymay be implemented in many forms and levels of sophistication.

In yet another embodiment, recommendations are provided through theimplementation of live help within the UI window 404. Live help, as usedherein, refers to the provision of assistance over an electroniccommunications channel by a human user. In this embodiment, anelectronic communications channel is established with a policy servicerepresentative. In one embodiment, the electronic communications channelcomprises an instant messaging (IM) session between the user and thepolicy service representative. In another embodiment, the electroniccommunications channel comprises an on-line videoconference sessionbetween the user and the policy service representative. In yet anotherembodiment, the electronic communications channel comprises an exchangeof electronic mail (email) between the user and the policy servicerepresentative. In still another embodiment, the electroniccommunications channel comprises an out-of-band telephone conversationbetween the user and the policy service representative.

In one embodiment, recommendations are provided in the form of examplesof policy coverage parameters selected by a peer group of policyholders. In one embodiment, the example peer group selections are aninstance of the policy coverage parameter selections of an individualpeer policy holder. In another embodiment, the example policy coverageparameter selections are an average of the selections made by a group ofpeer policy holders. In yet another embodiment, the user's demographicsare used to filter a group of peer policy holders to generate a subsetof peer policy holders. The policy coverage parameter selections of thesubset of peer policy holders are then displayed within the UI window404, either individually, as an average, through the use of a selectionalgorithm, or other selection methods familiar to those of skill in theart.

In one embodiment, the policy with modified coverage parameters iscompared to competitive policies with similar coverage parameters. Inthis embodiment, a competitive coverage analysis described in greaterdetail herein is enabled through the use of a user gesture, such asselecting the Competitive Quote command button 684 with cursor 648,followed by a left-mouse click.

If modifications have been made to the original coverage parameters 610of the current policy, then adjusted premiums 668 for the modifiedcoverage parameters 610 are calculated. Once calculated, the currentpremiums 666 and adjusted premiums 668, comprising line item 670premiums for each of the coverage parameters, are displayed within theUI window 404 along with total current premium 674 and the totaladjusted premium 676.

In various embodiments a new policy is generated from the modifiedcoverage parameters and their associated premiums. In one embodiment,such a new policy is generated as a result of a user gesture, such asselecting the Create New Policy command button 686 with cursor 648,followed by a left-mouse click. In this embodiment, the new policy canbe fulfilled either electronically or physically. If a decision is madeto fulfill the new policy electronically, then a user gesture, such asplacing cursor 648 over the Create New Policy command button 686,followed by a right-mouse click, will result in the display of a PolicyFulfillment menu 688.

Upon selection of the “electronic” menu option, the new policy isgenerated in an electronic file format (e.g., portable document format(.pdf), Microsoft Word, etc.) and delivered to the user over aconnection to a network, such as the public Internet. In anotherembodiment, the new policy is generated in an electronic file formatoperable to be delivered as a FAX message over a network. In thisembodiment, the electronic version of the new policy is received in aphysical form, such as a printed document produced by a FAX machine, bythe user. However, if the new policy is to be fulfilled physically, thenthe “physical” menu option is selected and the new policy is generatedin a printed format and physically delivered, such as through a postalor delivery service, to the user.

FIGS. 7 a-d are a simplified illustration of an insurance coveragemodeler as implemented to graphically display recommended insurancecoverage within a user interface window. As described in greater detailherein, coverage parameters are displayed in various embodiments asgraphical elements within a user interface (UI) window. In certain ofthese embodiments, coverage parameters are modified through usermanipulation of a control of the graphical element representing acoverage parameter.

As illustrated in FIGS. 7 a-d, via its proximate location to pricingscale 708, indicator bar 710 graphically indicates the total amount ofcoverage available for Bodily Injury coverage parameters 702, 704, and706. Similarly, indicator bar 712 graphically represents an original$50,000 per-person, and indicator bar 716 an original $100,000 totalper-accident, bodily injury coverage parameters 702 for a policy.Graphical element 714 serves to graphically demarcate the differencebetween the per-person coverage parameter of $50,000 from the $100,000total per-accident coverage parameter. Indicator bar 718 graphicallyrepresents a current coverage parameter disparity resulting fromapplying a claim scenario, such as Claim Scenario #2 described andillustrated in greater detail in FIG. 5, against the bodily injurycoverage parameter 612.

As used herein, a coverage parameter disparity is the difference betweenan element of a claim scenario and a corresponding coverage parameter ofa policy. Using the original coverage parameters 702 as an example, thecoverage parameters are $50,000 per-person, $100,000 total, per-accidentfor bodily injuries incurred in an automobile accident. If a personinvolved in an automobile accident incurs $115,000 in bodily injuries,then there is a $65,000 coverage parameter disparity. This is due to thefact that while the insured is covered for bodily injuries totaling$100,000 in the accident, there is only $50,000 of coverage for eachinjured individual, hence the $65,000 deficit, which equates to theafore-referenced coverage parameter disparity. Accordingly, the amountof the $65,000 current coverage disparity is displayed in the CurrentCoverage Disparity window 728. Concurrently, the amount of the currentpremium for Bodily Injury coverage parameters 702, which is $83.35, issimilarly displayed in the Current Premium window 734.

In various embodiments, coverage parameter disparities are addressed bymodifying original coverage parameters 702 and reapplying a claimscenario, such as Claim Scenario #2 described in greater detail herein.However, it will be appreciated that a user may require assistance inmaking the optimum modifications to the policy's original coverageparameters 702. Such assistance is provided in various embodiments byproviding examples of policy coverage parameters selected by a peergroup of policy holders. In one embodiment, the example peer groupselections are an instance of the policy coverage parameter selectionsof an individual peer policy holder. In another embodiment, the examplepolicy coverage parameter selections are an average of the selectionsmade by a group of peer policy holders. In yet another embodiment, theuser's demographics are used to filter a group of peer policy holders togenerate a subset of peer policy holders.

As illustrated in FIGS. 7 b-d, the average policy coverage parameterselections of a subset of peer policy holders are graphicallyrepresented by indicator bar 720. Concurrently, an average coverageparameter disparity of $5,000 is displayed in the Peer Group CoverageDisparity Window 730. In addition, an average premium cost of $120.20for the peer group of policy holders is displayed in the Peer GroupAverage Premium window 736.

Referring now to FIG. 7 c, indicator bar 722, having a slider 724,graphically represents modified bodily injury coverage parameters 704.In one embodiment, the user selects the slider 724 of indicator bar 722,such as by using a mouse click-and-hold operation with cursor 726, andthen drags the slider 724 to modify the value of the original BodilyInjury coverage parameters 702. As the user drags the slider 724, thelength of the modified coverage indicator bar 722 changes, and acorresponding change is reflected in the value of the Bodily Injurycoverage parameter 704. As a result, the original Bodily Injury coverageparameters 702 are modified to a value of $125,000 per-person and$250,000 total per-accident, which are then displayed as modified BodilyInjury coverage parameters 704. Concurrently, a positive adjustedcoverage parameter disparity of $10,000 is displayed in the DisparityAfter Adjustment window 732. In addition, an adjusted premium cost of$166.70 for the modified coverage parameters is displayed in theAdjusted Premium window 738.

Referring now to FIG. 7 d, the user drags the slider 724 to modify thevalue of the original Bodily Injury coverage parameters 702 as describedand illustrated in FIG. 7 c. As the user drags the slider 724, thelength of the modified coverage indicator bar 722 changes and acorresponding change is reflected in the value of the Bodily Injurycoverage parameter 704. As a result, the original Bodily Injury coverageparameters 702 are modified to a value of $250,000 per-person and$500,000 total per-accident, which are then displayed as modified BodilyInjury coverage parameters 706. Concurrently, a positive adjustedcoverage parameter disparity of $135,000 is displayed in the DisparityAfter Adjustment window 732. In addition, an adjusted premium cost of$333.40 for the modified coverage parameters is displayed in theAdjusted Premium window 738. Accordingly, the positive adjusted coverageparameter disparity of $135,000 displayed in the Disparity AfterAdjustment window 732 may be considered excessive by a user. Similarly,the adjusted premium cost of $333.40 for the modified coverageparameters displayed in the Adjusted Premium window 738 may likewise beconsidered to be excessive. It will be apparent to those of skill in theart that the user can reach their own conclusion by adjusting the slider724, which creates a corresponding change in the Disparity AfterAdjustment window 732 and the Adjusted Premium window 738.

FIGS. 8 a-b are a simplified illustration of an insurance coveragemodeler as implemented to display competitive insurance coverage withina user interface window in accordance with an embodiment of thedisclosure. Referring to FIG. 8 a, a competitive comparison module 154is implemented within user interface (UI) window 404 and comprises aClaim Scenario Summary window 806 and an Adjusted Policy CoverageSummary window 848. The competitive comparison module 154 likewisecomprises a plurality of coverage parameter descriptions 808,corresponding to their respective, modified coverage parameters 810 forthe current policy described and illustrated in FIG. 6.

As illustrated in FIG. 8 a, the modified Bodily Injury coverageparameters 812 are indicated to be $125,000 per person and $250,000 peraccident. Similarly, the modified Property Damage coverage parameters814 are indicated to be a total of $100,000 per accident. In a likefashion, the unmodified Uninsured Motorist—Injury coverage parameters816 are indicated to be $50,000 per person and $100,000 per accident,while the unmodified Uninsured Motorist—Damage coverage parameters 818are indicated to be $20,000 per person and $40,000 per accident. Theunmodified Personal Injury Protection coverage parameters 820 aresimilarly indicated to be a total of $2,500 per accident. However, theunmodified Comprehensive and Collision coverage parameters 822 and 824are indicated to be limited, not to their respective amounts ofcoverage, but to policy holder deductible costs of $500 each. Theunmodified Rental Reimbursement coverage parameters for 826 are alsosimilarly indicated to be limited to $20 per day and a maximum coverageof $600, while the unmodified Towing And Labor coverage parameters 828are indicated to be limited to $500.

Claim Scenario #2, generated from historical claim data as illustratedin greater detail in FIG. 5, is summarized in the Claim Scenario Summarywindow 806. In one embodiment, Claim Scenario #2 is applied to modifiedcoverage parameters 810 in response to a user gesture, such as placingcursor 832 over the Apply Claim Scenario command button 830, followed bya left-mouse-click. As a result, line items 840 for adjusted coverageparameter disparities 834 are calculated and displayed. Accordingly, apositive, or over coverage, disparity of $10,000 and $32,200respectively indicated for Bodily Injury and Property Damage coverageparameters 812 and 814, resulting in a positive total adjusted coveragedisparity 842 of $42,200. Concurrently, line items 840 for adjustedpremium 838 are calculated and displayed proximate to current premium836. Accordingly, an increased premium cost of $166.70 and $192.90 arerespectively indicated for Bodily Injury and Property Damage coverageparameters 812 and 814. As a result, the total adjusted premium 846 is$552.21 compared to the total current premium 844 of $375.40.Subsequently, the contents of Policy Coverage Summary window 548 aredisplayed, which provide a summary explanation of the affect of themodifications to Bodily Injury and Property Damage coverage parameters812 and 814.

In various embodiments, a new policy is generated from the modifiedcoverage parameters and their associated premiums. In one embodiment,such a new policy is generated as a result of a user gesture, such asselecting the Create New Policy command button 862 with cursor 832,followed by a left-mouse click. In this embodiment, the new policy canbe fulfilled either electronically or physically. If a decision is madeto fulfill the new policy electronically, then a user gesture, such asplacing cursor 832 over the Create New Policy command button 862,followed by a right-mouse click, will result in the display of a PolicyFulfillment menu 864. Either electronic or physical fulfillment isselected as a fulfillment method, and as described in greater detailherein, electronic or physical fulfillment processes are executed.

In one embodiment, the modified coverage parameters 810 and adjustedpremiums 838 of the current policy are compared to competitive policieswith similar coverage parameters. As an example, an insurance policyprovider may wish to assure the insured that the premium for the policywith modified coverage parameters is competitive with policies offeredby other providers. As another example, an insurance policy broker maydesire to offer the insured the option of choosing a policy withequivalent coverage parameters offered by a plurality of providers. Inthis embodiment, a competitive coverage analysis is enabled through theuse of a user gesture, such as selecting the Competitive Comparisoncommand button 850 with cursor 832, followed by a left-mouse click.

Referring now to FIG. 8 b, the competitive comparison module 154performs an analysis of the modified policy coverage parameters 810 todetermine competitive policy matching criteria. A search is thenperformed for competitive policies that meet the policy matchingcriteria. As an example, the modified Bodily Injury coverage parameter812 may be $125,000 per person and $250,000 per accident. A similarpolicy that matches all other modified coverage parameters may belimited to a Bodily Injury coverage parameter of $100,000 per person and$200,000 per accident. If so, then the competitive policy is notconsidered to be an exact match, only similar. In one embodiment, onlycompetitive policies that exactly match the modified coverage parametersare considered candidates for comparison. In another embodiment,competitive policies that exactly match, or exceed, the modifiedcoverage parameters are considered candidates for comparison. In yetanother embodiment, competitive policies that match the modifiedcoverage parameters within a predetermined variance of the modifiedcoverage parameters are considered candidates for comparison. It will beappreciated that many such coverage parameter matching criteriaboundaries and conditions can be applied to candidate policies fromcompetitive providers.

Once competitive policies 852, 854, and 856 that meet the coverageparameter matching criteria are identified, they are retrieved and theircorresponding line item premiums for each of the modified coverageparameters 810 are displayed within the UI window 404. Concurrently, thetotal premiums 858, 860, and 862, corresponding to competitive policies852, 854, and 856 are similarly displayed within the UI window 404 alongwith the contents of Competitive Selection Recommendation window 864. Asillustrated in FIG. 8 b, the contents of Competitive SelectionRecommendation window 864 indicate that the current policy with modifiedcoverage parameters and adjusted premiums is the optimum choice forclaim coverages. If a decision is made to generate a new policy from themodified coverage parameters and their associated premiums, then it isgenerated and fulfilled as described in greater detail in FIG. 8 a.

The flowchart and block diagrams in the figures illustrate thearchitecture, functionality, and operation of possible implementationsof systems, methods and computer program products according to variousembodiments of the disclosure. Accordingly, each block in the flowchartor block diagrams may represent a module, segment, or portion of code,which comprises one or more executable instructions for implementing thespecified logical function(s). In certain alternative implementations,the functions performed in a particular block may occur in an order thatis different than what is noted in the figures. For example, two blocksshown in succession may, in fact, be executed substantiallyconcurrently, or the blocks may sometimes be executed in the reverseorder, depending upon the functionality involved. It will also be notedthat each block of the block diagrams and/or flowchart illustrations,and combinations of blocks in the block diagrams and/or flowchartillustrations, can be implemented by special purpose hardware-basedsystems that perform the specified functions or acts, or combinations ofspecial purpose hardware and computer instructions.

The terminology used herein is for the purpose of describing particularembodiments only and is not intended to be limiting of the disclosure.As used herein, the singular forms “a,” “an” and “the” are intended toinclude the plural forms as well, unless the context clearly indicatesotherwise. It will be further understood that the terms “comprises”and/or “comprising,” when used in this specification, specify thepresence of stated features, integers, steps, operations, elements,and/or components, but do not preclude the presence or addition of oneor more other features, integers, steps, operations, elements,components, and/or groups thereof. The term “embodiment” can be used todescribe any aspect, feature, process or step, any combination thereof,and/or any portion thereof, of the disclosure and should not beinterpreted as limiting the scope of the application or claims.

While the disclosure has been described by reference to particularembodiments, such references do not imply a limitation on the disclosureand no such limitation is to be inferred. As such, the disclosureincludes any and all embodiments having equivalent elements,modifications, omissions, combinations (e.g., of aspects across variousembodiments), adaptations, alterations, and equivalents in form andfunction. As will be further appreciated by those skilled in thepertinent arts, the disclosure has a number of aspects and embodiments,and various embodiments may include overlapping features.

For example, the above-discussed embodiments may include softwaremodules that include script, batch, or other executable files for theperformance of certain tasks. These software modules may be stored on amachine-readable or computer-readable storage medium such as a diskdrive. Storage devices used for storing software modules in accordancewith various embodiments may include magnetic floppy disks, hard disks,or optical discs such as CD-ROMs or DVDs. A storage device used forstoring firmware or hardware modules in accordance with an embodiment ofthe disclosure may also include a semiconductor-based memory, which maybe permanently, removably or remotely coupled to a microprocessor/memorysystem. Thus, the software modules may be stored within a computersystem memory to configure the computer system to perform the functionsof the module. Other new and various types of computer-readable storagemedia may be used to store the modules discussed herein. Additionally,those skilled in the art will recognize that the separation offunctionality into modules is for illustrative purposes. Alternativeembodiments may merge the functionality of multiple modules into asingle module or may impose an alternate decomposition of functionalityof modules. For example, a software module for calling sub-modules maybe decomposed so that each sub-module performs its function and passescontrol directly to another sub-module. In addition, each of thereferenced components in this embodiment may be comprised of a pluralityof components, each interacting with the other in a distributedenvironment. Furthermore, other embodiments may expand on the referencedembodiment to extend the scale and reach of the system's implementation.

The description of the disclosure has been presented for purposes ofillustration and description, but is not intended to be exhaustive orlimited to the disclosure in the form disclosed. It will be apparent tothose of skill in the art that many modifications and variations arepossible without departing from the scope and spirit of the disclosure,giving full cognizance to equivalents in all respects.

What is claimed is:
 1. A system comprising: a processor; a data buscoupled to the processor; and a non-transitory computer-usable mediumembodying computer program code, the non-transitory computer-usablemedium being coupled to the data bus, the computer program code formodeling competitive insurance coverage and comprising instructionsexecutable by the processor and configured for: transmitting informationto display a first insurance policy having a first premium within a userinterface, wherein said first insurance policy comprises a firstplurality of coverage parameters and a first plurality of pricing data;generating a claim scenario from a plurality of claim data in responseto selecting a plurality of claim scenario parameters; using said claimscenario and said first plurality of coverage parameters to generate afirst set of coverage parameter disparities; modifying said firstplurality of coverage parameters to offset said first set of coverageparameter disparities, thereby generating a second plurality of coverageparameters having a second premium; transmitting information to displaysaid second plurality of coverage parameters and said second premium;and transmitting information to display a second insurance policy havinga third premium within said user interface, wherein said secondinsurance policy comprises a third plurality of coverage parametersequivalent to said second plurality of coverage parameters, and a thirdpremium.
 2. The system of claim 1, further comprising: performingcomparison operations between: said first, second and third pluralitiesof coverage parameters; and said first, second and third premiums; andtransmitting information to display the results of said comparisonoperations within said user interface, comprising at least one of: adescription of said claim scenario; said plurality of claim data; saidplurality of claim scenario parameters; said first and secondpluralities of coverage parameters; said coverage parameter disparities;said first and second pluralities of pricing data; or said first, secondand third premiums.
 3. The system of claim 2, wherein the said resultsof said comparison operations are displayed in response to user input.4. The system of claim 2, wherein the said results of said comparisonoperations are displayed automatically.
 5. The system of claim 1,wherein said first plurality of coverage parameters comprises: currentcoverage limits affecting a price of said first premium; and minimum andmaximum coverage limits affecting the minimum and maximum price of saidsecond premium.
 6. The system of claim 1, wherein an assistance wizardguides a user through a plurality of steps to modify said firstplurality of coverage parameters.
 7. The system of claim 1, wherein anelectronic communications channel is established between a user and aninsurance policy service representative, wherein said insurance policyservice representative guides said user through a plurality of steps tomodify said first plurality of coverage parameters.
 8. Acomputer-implementable method for modeling competitive insurancecoverage, comprising: transmitting, using a processor, information todisplay a first insurance policy having a first premium within a userinterface, wherein said first insurance policy comprises a firstplurality of coverage parameters and a first plurality of pricing data;generating, using the processor, a claim scenario from a plurality ofclaim data in response to selecting a plurality of claim scenarioparameters; generating, using the processor, a first set of coverageparameter disparities using said claim scenario and said first pluralityof coverage parameters; modifying, using the processor, said firstplurality of coverage parameters to offset said first set of coverageparameter disparities, thereby generating a second plurality of coverageparameters having a second premium; transmitting, using the processor,information to display said second plurality of coverage parameters andsaid second premium; and transmitting, using the processor, informationto display a second insurance policy having a third premium within saiduser interface, wherein said third insurance policy comprises a thirdplurality of coverage parameters equivalent to said second plurality ofcoverage parameters, and a third premium.
 9. The method of claim 8,further comprising: performing, using the processor, comparisonoperations between: said first, second and third pluralities of coverageparameters; and said first, second and third premiums; and transmitting,using the processor, information to display the results of saidcomparison operations within said user interface, comprising at leastone of: a description of said claim scenario; said plurality of claimdata; said plurality of claim scenario parameters; said first and secondpluralities of coverage parameters; said coverage parameter disparities;said first and second pluralities of pricing data; or said first, secondand third premiums.
 10. The method of claim 9, wherein said results ofsaid comparison operations are displayed in response to user input. 11.The method of claim 9, wherein said results of said comparisonoperations are displayed automatically.
 12. The method of claim 8,wherein said first plurality of coverage parameters comprises: currentcoverage limits affecting a price of said first premium; and minimum andmaximum coverage limits affecting the minimum and maximum price of saidsecond premium.
 13. The method of claim 8, wherein an assistance wizardguides a user through a plurality of steps to modify said firstplurality of coverage parameters.
 14. The method of claim 8, wherein anelectronic communications channel is established between a user and aninsurance policy service representative, wherein said insurance policyservice representative guides said user through a plurality of steps tomodify said first plurality of coverage parameters.
 15. A non-transitorycomputer-usable medium embodying computer program code, the computerprogram code comprising computer executable instructions configured for:transmitting information to display a first insurance policy having afirst premium within a user interface, wherein said first insurancepolicy comprises a first plurality of coverage parameters and a firstplurality of pricing data; generating a claim scenario from a pluralityof claim data in response to selecting a plurality of claim scenarioparameters, wherein: using said claim scenario and said first pluralityof coverage parameters to generate a first set of coverage parameterdisparities; modifying said first plurality of coverage parameters tooffset said first set of coverage parameter disparities, therebygenerating a second plurality of coverage parameters having a secondpremium; transmitting information to display said second plurality ofcoverage parameters and said second premium; and transmittinginformation to display a second insurance policy having a third premiumwithin said user interface, wherein said third insurance policycomprises a third plurality of coverage parameters equivalent to saidsecond plurality of coverage parameters, and a third premium.
 16. Thenon-transitory computer usable medium of claim 15, further comprising:performing comparison operations between: said first, second and thirdpluralities of coverage parameters; and said first, second and thirdpremiums; and transmitting information to display the results of saidcomparison operations within said user interface, comprising at leastone of: a description of said claim scenario; said plurality of claimdata; said plurality of claim scenario parameters; said first and secondpluralities of coverage parameters; said coverage parameter disparities;said first and second pluralities of pricing data; or said first, secondand third premiums.
 17. The non-transitory computer usable medium ofclaim 16, wherein the said results of said comparison operations aredisplayed in response to user input.
 18. The non-transitory computerusable medium of claim 16, wherein the said results of said comparisonoperations are displayed automatically.
 19. The non-transitory computerusable medium of claim 15, wherein said first plurality of coverageparameters comprises: current coverage limits affecting a price of saidfirst premium; and minimum and maximum coverage limits affecting theminimum and maximum price of said second premium.
 20. The non-transitorycomputer usable medium of claim 15, wherein an assistance wizard guidesa user through a plurality of steps to modify said first plurality ofcoverage parameters.
 21. The non-transitory computer usable medium ofclaim 15, wherein an electronic communications channel is establishedbetween a user and an insurance policy service representative, whereinsaid insurance policy service representative guides said user through aplurality of steps to modify said first plurality of coverageparameters.